2021 New York Laws
ISC - Insurance
Article 78 - Life Settlements
7807 - Reporting Requirements.

§  7807. Reporting requirements. (a)(1) Every licensed life settlement
provider shall file in the office of the superintendent, annually on  or
before  the  first  day of March, a statement, to be known as its annual
statement, verified by the  oath  of  at  least  two  of  its  principal
officers,  showing  its  condition  at the end of the preceding calendar
year. The statement shall be in such form and shall contain  such  other
matters  as the superintendent shall prescribe. In addition to any other
requirements, the annual  statement  shall  specify  the  total  number,
aggregate  face  amount and life settlement proceeds of policies settled
during  the  immediately  preceding  calendar  year,  together  with   a
breakdown of the information by policy issue year. The information shall
not  include  individual transaction data regarding the business of life
settlements or information if there is a reasonable basis to believe the
information could be used to identify the owner or the insured.
  (2) Every life settlement provider that willfully  fails  to  file  an
annual  statement  as  required  in  this section, or willfully fails to
reply within thirty days to a written inquiry by the  superintendent  in
connection  therewith, shall, in addition to other penalties provided by
this chapter, be subject, upon due notice and opportunity to  be  heard,
to a penalty not to exceed five hundred dollars per day of delay, not to
exceed fifty thousand dollars in the aggregate, for each such failure.